Gold, silver and platinum zoomed to new highs, resuming their rally on Friday, as the dollar had its poorest week since May 2025, even as geopolitical crises and threats to the US Federal Reserve from the Donald Trump administration.
In India, gold rose to a new high, but silver ended short of Wednesday’s high in the Mumbai spot market. But both metals surged to a new high in the futures market on MCX.
Gold, which surged to a new high of $4,967 an ounce early on Friday, was quoted at $4,945.70 at 1940 hours IST. Gold February futures on COMEX ruled at $4,944.25 an ounce.
In the Mumbai spot market, gold ended at ₹1,54,310 per 10 gm, while on MCX, February futures were ₹1,56,991.
Silver surged to a new high of $99.66 an ounce, while March futures on COMEX were $99.76. In the Mumbai spot market, silver closed at ₹3,17,705 a kg, and on MCX, March futures were ₹3,34,700.
At $110/oz in China
In China, silver March futures soard over $110 an ounce, ruling at 25,233 yuan a kg ($112 an ounce)
Platinum hit a record high of $2,700 an ounce as it gained with investors looking to it as the next best bet to gold and silver.
Renisha Chainani, head of research at Augmont, said sustained haven demand was aiding the precious metals complex.
Edelweiss Mutual fund said silver continues to enjoy strong, multi-sector demand—from jewellery and electronics to electric vehicles and solar energy.
Gold’s support
Chainani said the previous resistance for gold near $4,750 has now turned into a strong support zone. “As long as prices hold above this level, the upside target of $5,000 remains intact,” she said.
In silver, prices have corrected, but strong support continues. “As long as silver trades above the $90.5 level, the metal retains the potential to move higher towards the $99–100 range. Overall, dips are likely to attract buying interest rather than signal a trend reversal, she said.
Published on January 23, 2026
